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2014 (2) TMI 26 - HC - Income TaxEstimation of income - Held that:- No material was found on which 15% enhancement in profit rate can be said to be justified - The A.O. while making addition on flat rate of 15% in the gross profit did not follow the established guidelines in estimating the income - The AO did not rely on any comparable case in support of his estimation nor gave any justification to reject the comparable cases cited by the assessee - The revenue failed to point any special circumstances for estimation of such high profit particularly when during the course of search no incriminating material was found - No substantial question of law arises - Decided against Revenue.
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